Losing a loved one is difficult enough, yet the probate process is far from painless. On average, you'll deal with probate for about 16 months before seeing a resolution. Who has time for that while dealing with grief and a lot of times hardship as well?!
If you're like most people, then you'll want to avoid probate during the darkest days of bereavement. During your grief, you don't want to have to deal with the details. You may also want to take steps to help your loved ones avoid probate after your passing too. Having an estate planning plan in place will not only save you and your family time and money, it will also help your family to stay together and avoid family members fighting against each other.
Read on to learn four ways to avoid probate in Arizona.
1. Create a Living Trust
One of the best ways to avoid probate in Arizona is to work with an estate planning attorney to create a living trust. A living trust in Chandler gives you full control after you pass. A Living Trust also makes the process private, so only the people involved in some way with the Trust has access to the information. The document will outline your desires, and it will be legally binding.
With a trust in place, your loved ones will avoid the costs of probating a will. If you have more questions, reach out to our experts. We're some of the most well know lawyers for Estate Planning in Chandler. You can also read another of our blog articles to understand how a Living Trust can help you avoid Probate.
2. Designate Your Beneficiaries
Do you have a good amount of assets in retirement or bank accounts? If so, then the best way to protect your loved ones is to name them as beneficiaries.
This way, your accounts won't go through probate. Instead, they'll get transferred to the beneficiary right away.
3. Use Joint Accounts
If you know exactly who you want your assets to go to after you pass, consider opening a joint account. If one party passes on, then the other will take full ownership of the account. No probate is necessary.
Probate in Arizona takes time and money. Using a joint account lets you bypass all that. You're not limited to joint accounts, either. You can also put your loved one's name on your property and other assets, too.
An estate planning attorney in Chandler can help you and your spouse organize your accounts and assets. Don't hesitate to reach out to a lawyer if you have more questions about joint accounts.
4. Give Your Property Away Before You Pass
About 74% of Americans think estate planning is confusing. Are you one of them?
If you never took the time to make estate plans, then there's still an easy way to avoid probate. You can give your property by gifting it before you pass on. If you do decide to do that just make sure you check the Tax implications, as there are limits for gifts in Arizona.
How to Avoid Probate in Arizona?
The recent pandemic has forced us to consider our mortality. As a result, many of us are creating end-of-life plans. Among those plans, you should take steps now to avoid probate in the future.
Whether it's yourself or your loved one, no one wants to waste time and money on the probate process after a death.
Are you looking for the best probate lawyers Chandler has to offer? Citadel Law Firm will be please to help. If so, then you're in the right place! Our team's prepared to help you with all your probate needs now. Schedule a free case assessment on our site now to get in touch with our experts. Or if you prefer give us a call at (480)565-8020.